WorldRemit targets 40,000 Nigerian community abroad - THE NATION
WorldRemit has launched in New York, connecting the state’s 42,000-strong Nigerian diaspora to its fast, low cost service. Nigerians make up the largest African diaspora group in the United States, and New York City is home to the largest Nigerian population, followed by Houston and Washington.
The United States (US) is the world’s biggest sender of remittance and the amount of money sent has grown from $50 billion to $66 billion over the past five years, according to the World Bank.
The company has been sending money to Nigeria since 2011 and handles over 100,000 transactions each month. On average our Nigerian consumers saved over $87 in sending costs versus Western Union in 2017 when sending money from the United.
WorldRemit handles a growing share of the global $600 billion remittance market. Its mobile-first, digital model allows customers to complete their transactions in just a few taps from a smartphone – without the need to visit a bricks and mortar agent.
Founder/CEO WorldRemit, Ismail Ahmed, said: “Millions of customers around the globe send funds to family and friends back home with WorldRemit. New York is truly a melting pot of people and cultures and we are pleased that we can now bring the benefits of our lower-cost, convenient service to all the diverse communities of New York.”
Regional Director of Middle East & Africa at WorldRemit, Andrew Stewart, added: “We are delighted to launch New York as a send location, connecting thousands of Nigerians living in the state to their family back home. Nigeria is an important market for us and our large network of receive options across the country makes it fast and convenient to access funds sent with WorldRemit.”
The company started its money transfer operations in the US in 2014. With the addition of New York, the US is set to become WorldRemit’s largest send market – it is already one of the company’s fastest growing send markets with more than 200 per cent year on year growth.
Founded by entrepreneur Ismail Ahmed in 2010, WorldRemit has secured $220 million in funding rounds led by Accel and TCV – early investors in Facebook, Spotify, Netflix and Slack.